A closed shop is a
A) strike by a union in sympathy with another union's strike or cause.
B) dispute involving two or more unions over which should have control of a particular jurisdiction.
C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired.
D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.
Answer: C
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The sub-discipline of economics that focuses especially on individual markets is:
a. normative economics. b. positive economics. c. microeconomics. d. macroeconomics. e. econometrics.
Which of the following is least likely to be a reason for the difficulty in measuring poverty across countries?
a. Different currencies b. Different customs c. Different living arrangements d. Different trade balances e. Limited data
What does it mean when a good is rival in consumption?
a) One person's use of the good diminishes another person's ability to use it. b) People can be prevented from using the good. c) No more than one person can use the good at a time. d) Everyone will be excluded from obtaining the good.
In Figure 29.1, the area that represents the producer surplus under monopoly is
A. FPmonopolyBE. B. FPPCC. C. PPCAC. D. PmonopolyAB.